Oaks Park opened on May 30, 1905. The park and skating rink were built by the Oregon Water Power and Railway Company. In the early 1920's, the Railway company sold the park to its manager, John Cordray. In 1925, Cordray died, and Edward Bollinger purchased the park but not the land from Cordray's widow. In 1943, Ed then purchased the land from the Portland Electric Power Company. Edward and his son Robert Bollinger owned the park between 1925-1985 with Robert taking over as owner in 1949.

In 1927, Two years after Edward Bollinger purchased Oaks, a new type of ride was introduced to the park. The coaster, referred to as Zip (pictured above), was a notorious coaster known as a "rib tickler" that had a tendency to crush riders ribs. This was a Harry Traver design that ended up being a compact version similar to the other well known Cyclones he designed such as the Crystal Beach Cyclone and the Revere Beach Lightning. Though Zip was a true thriller for daring fans, it had a short life span due to maintenance and insurance costs. The coaster was extremely rough and intense and lasted for only seven years, 1927-1934.